According to the Social Security Administration (SSA), beneficiaries in the retirement program will receive their benefits today. Social Security payments will provide retired workers with maximum checks that can total up to $4,873.
In the US, Social Security retirement payments are determined by several criteria. The amount is based on the individual’s record, and the day of receipt is based on things like the retirement year and the day of birth. It is easy to control both, and seniors can do this to control when and how much money they receive.
But one important factor has the power to determine whether American seniors receive their monthly Social Security benefits or not. Depending on the collection method chosen, seniors may receive the funds the same day the administration mails the check or a few days later. In 2024, the maximum yearly Social Security benefit that a retiree could receive under the program is $58,476.
To reach this sum, which is equal to $4,873 in monthly payments, retirees will need to earn a high wage over time. Even if it is challenging to obtain the maximum payment, with the right strategy, you can come as close as you can. To be eligible to get this monthly payment, your prior income will determine the majority of your benefit amount, and you must meet a specified salary requirement.
Social Security payment amounts for retired workers
As Social Security payments begin to reach millions of retired workers, many will use them to cover basic daily expenses and, in some cases, debts, among other things. However, not all retired workers will receive the same amount of money because every payment depends on each retiree’s unique circumstances. For instance, the age at which retirees claim Social Security benefits affects how much they will get in future monthly payments.
In 2024, the maximum benefit you can get depends on your retirement age:
- If you retire at age 62, you’ll receive the lowest amount, which is $2,710 per month.
- As you delay retirement, the benefit increases. Those retiring at full retirement age, which varies depending on your birth year, can receive up to $3,822 per month.
- If you wait even longer and retire at age 70, you’ll be eligible for the highest benefit, which is $4,873 per month.
Remember that the maximum payment of $4,873 will go to individuals who have delayed claiming their benefits until they are 70 years old and have earned the maximum taxable earnings since the age of 22, according to the latest requirements of the Social Security Administration (SSA).
Social Security payment schedule for March
Today starts the second round of Social Security payments since SSI recipients and retirees who claimed benefits before May 1997 already got their checks on the 1st of March. Please find below the upcoming confirmed payment dates for the Social Security retirement program:
- Beneficiaries born from the 1st to the 10th of any month will get their payment on Wednesday, March 13th.
- Beneficiaries born from the 11th to the 20th of any month will get their payment on Wednesday, March 20th.
- Beneficiaries born from the 21st to the 31st of any month will get their payment on Wednesday, March 27th.
To get detailed information regarding Social Security payment dates, check the Schedule of Social Security Benefit Payments 2024.
Cost of living adjustment (COLA) confirmed for 2025
New estimates for the cost of living adjustment (COLA) in 2025 have been released, and overall disappointment seems to be increasing for seniors in the US. The increase is typically announced by the Social Security Administration in October, but the Senior Citizens League has revised its estimate to 2.4%, raising concerns about monthly benefits and inflation in daily living expenses. If confirmed, Social Security benefits will rise by 2.4% in January 2025, the smallest increase since 2017, increasing the average monthly benefit by just $37.